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Google unveils new Pricing API to enhance cloud cost optimization amid economic uncertainty

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Pricing API

To aid enterprises in navigating the challenges of today’s macroeconomic landscape, Google Cloud has introduced its groundbreaking Pricing API for its suite of cloud services. This innovative API, currently available for public preview, represents a significant advancement over Google’s existing Billing Catalog API.

The Pricing API enables cloud cost optimization by offering comprehensive insights into pricing structures. It goes beyond the capabilities of the Catalog API, providing users with access to an extensive array of features designed to enhance cost auditing, estimation, and expenditure optimization. Users can retrieve not only list prices for all available services but also personalized pricing, exclusive discounts, and supplementary metadata down to the SKU level.

Features of the new Pricing API

Comprehensive Visibility: While the Catalog API primarily offers a catalog of public services and SKUs along with their list prices, the Pricing API extends this by granting users visibility into all public services and SKUs, including those pertinent to their specific billing account based on contractual arrangements.

View Tailored Contract Pricing: It enables users to view the negotiated contract pricing and discounts unique to their account. This enables them to gain unparalleled insights into the exact terms that shape their cloud expenditure.

Enhanced Metadata: Beyond the metadata already available through the Catalog API, the Pricing API provides more information, including SKU groupings, SKU-to-SKU group mapping, and geographical and product taxonomy, empowering users to perform more sophisticated analysis and decision-making.

Leveraging the power of the Pricing API

The release of the Pricing API holds vast potential for refining pricing strategies and conducting comprehensive cost analyses. With cloud costs varying across regions and services, the API equips users to compare prices effectively, aiding in the identification of optimal SKUs for cost efficiency. Moreover, it enables monitoring and comparing custom discounts across different resources and regions, facilitating a deeper understanding of potential savings.

It is possible to use the Pricing API with the usage metrics to uncover patterns and anomalies within cost reports. This empowers businesses to identify and address unexpected spikes in expenditure, contributing to more precise cost management.

Significance of cloud cost optimization

Effective cost optimization remains a top priority for businesses operating in the cloud environment. Determining an SKU’s price involves intricate calculations encompassing the list price, personalized discounts, and historical usage. The dynamic nature of pricing models across various services and SKUs, combined with contractual discounts and currency fluctuations, underscores the complexity of this process.

As enterprises strive for cost optimization, the Pricing API emerges as a valuable tool to navigate the intricate landscape of cloud expenditure. As the cloud market continues to evolve, major providers like Google, AWS, and Microsoft are recognizing the importance of supporting enterprises in optimizing costs while simultaneously seeking growth through innovative AI and generative AI services.

Read more about Google’s new Pricing API here.

Read next: New Microsoft NCE deadlines are here; Microsoft to begin automatic migration by January 2024

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